TALENT MANAGEMENT SYSTEM
Most researchers today stress the importance of talent management. Strategic meaning of talent management comes from the fact that success in international business depends mostimportantly on the quality of top executive talent and how effectively this critical resource isdeveloped and managed. To manage talent in a maximum way would be like having a crystalball that prevents what will happen in the future to avoid mistakes. There is, however, no suchtool and that is why talent management is so important.Management literature has for many years been dominated by talent management and thereare many different aspects of this, but one suggests that there are two key dimensions thatneed careful consideration; these are those of “focus” and “fit”.
“Focus” relies on a clearorganizational strategy, which job roles will be priorities and where talent pools will besourced. “Fit” supports the strategic objectives in talent management processes, deals withchallenges in the organizational culture, and regards the psychological contract betweenemployer and employee.Talent management in the sense of looking at an executive leadership talent has two differentperspectives; a selection perspective, where common characteristics among effective leadersare identified and then you try to identify people who assess these characteristics.
From adevelopmental perspective, the focus on identifying those best to take advantage of adevelopmental opportunity when provided and how to get the right people into the rightexperience rather than focusing on people that already possesses these qualities.Besides finding the “fittest” and most suitable person for the position, talent managementfocuses on many other aspects and is often in the hands of managers and HR professionals. Itcovers terms as career development, human capital and fast tracking. If you take a broaderscope, talent management also includes meeting the needs of the organization and theindividual. Talent management can be used to describe the whole scope of human resourcesmanagement, but this is not helpful when trying to narrow down the meaning of talentmanagement into a leadership focus. Chartered Institute of Personnel and Development(CIPD) identifies talent management as “”the systematic attraction, identification, development, engagement/retention, and deployment of those individuals with high potentialwho are of particular value to an organization”.
The Institute for Corporate Productivity (i4cp) has identified talent management as consisting of the following practices:
• Leadership development
• Succession planning
• Career planning
• Performance management
• High-potential employee development
• Learning and training
• Professional development
A system that create organizationalexcellence by addresses competencygaps, particularly in mission-criticaloccupations, by implementing andmaintaining programs to attract, acquire, develop, promote, andretain quality talent .Talent management as a system concept had its beginning inthe late 1980s when client/server technology, opticalcharacter recognition software and equal employmentopportunity reporting made applicant tracking possible andnecessary for most large corporations. It took off in themid-1990s with the advent of internet, web browsers anddatabase technology.
It went main-stream in late 90’s withthe explosion of online job boards, e-recruiting companiesand corporate employment web site. A study was conducted by LBA consulting group in1990’s. The study examined organization that hadsurvived and prospered, and those had failed, over atime period of 25 years. The result of the studysuggested that six human resource conditions had to bemet in employee’s selection and performanceevaluation processes.A performance oriented culture
Low turnover (particularly in premium employees groups)
High level of employee satisfaction
A cadre of qualified replacement
Effective investment in employee compensation &development
Use of institutional competencies in employee selectionand performance evaluation processes
Conclusions based on this study were simple: to optimize an organization’s ability to achieve sustained excellence, it must recognize the need for proactive talent management and have a systematic way of accomplishing the activity. On the basis of research organization focus on three outcomes:
The identification, selection, development, and retention of super keepers.
The identification and development of high-quality replacement for a small number of positions designated as key to current and future organization success.
The classification of and investment in each employee based on his/her actual and/or potential for adding value to the organization.
Key Elements of TMS
The Talent Management system is comprised of two critical success factors that work together to ensure agencies have people with the right skills, in the right places, at the right times. Addressing the critical success factors helps eliminate gaps and deficiencies in the skills, knowledge, and competencies of employees the two success factors usually work together.
The workforce plan drives the aggressive and strategic recruitment of diverse and qualified candidates for the agency’s workforce- Attracting
Leaders, managers, and supervisors create and sustain effective working relationships with employees.
The workplace is characterized by:
A motivated and skilled workforce
Attractive and flexible working arrangements
Compensation packages and other programs used to hire and retain employees who possess mission-critical skills, knowledge, and competencies
Identifies the challenges involved in attracting a high-quality workforce
Establish competency gap reduction goals and develop action plans to address current and future competency gaps
Use appropriate hiring flexibilities and tools
Attract and hires applicants who possess needed mission-critical competencies
Involve senior leaders and managers in recruitment planning and the implementation of strategic recruitment initiatives to attract talent
Review recruitment, hiring, and merit promotion programs to ensure fair hiring and assess overall results
Ensure application and decision-making processes are not unduly burdensome or time consuming
Retaining- Key elements
Utilize flexible compensation strategies to retain employees
Develop short- and long-term strategies and targeted investments in current employees to eliminate competency gaps
• Train the current workforce in required competencies needed by the agency
Document planned and completed retention activities, including requested budget funding, staff allocation, and management accountability
Create a productive, supportive work environment through a variety of programs, such as telework, childcare assistance, fitness centers, health assessments, safety seminars, employee assistance programs, parking facilities, and transit subsidies
The model presented here is called Talent Reservior.Its goal is to build of high-talent people capable of supporting an organization’s current and future businessrequirements consistent, with the three objectives outlinedearlier Talent Reservoir
Talent Reservoir has 3 major components are:
1. Designing and building a Talent Reservoir solution.
2. Capturing the Talent Reservoir solution in a software package.
3. Implementing an integrated Talent Reservoir process.
Talent reservoir is a talent management process that takes into account some other aspects of the assessment process to identify competencies required by the organization. It identifies keyareas of risk management and organizational deficiencies. Talent reservoir integrates allcomponents of talent management: selection (both internal and external), competency andperformance evaluation, coaching and staff development, and succession planning. Whenused in the selection process, Talent reservoir utilizes competencies in an organization asdefined by stakeholders within the company and compares those competencies with acandidate’s skills and behaviour. The candidate selection has according to talent reservoirthree different aspects, the typical script, the hidden script and then the talent reservoir script.The typical script consists of a résumé, job description and other credentials. The hiddenscript contains the human factors that often are not taken into account when searching fortalent. The talent reservoir script contains additional features like competency assessment, organizational fit and alignment to organizational values.
When the process is used forselection, either internally or externally, the following steps must be followed:
1. Select the competencies needed for success in this job. These represent skills, attitudes, andbehaviours and every organization choose their own organizational competencies based ontheir mission statements and core values. Typical competencies might be team participation,respect for others, communication, integrity, innovation, caring and compassion, financialresponsibility, safety, professionalism, planning, follow-through, technical skills, and resultsorientation.
2. Define measurement scales. Rating scales to introduce a series of examples of successfulbehaviours relevant to each job in the organization.
3. Develop a structured interview outline by using the competencies and measurement scales. By using these, the recruiter develops a list of questions directly related to the job.Talent Reservoir is appreciated for ensuring a workforce with the behaviours and skills linked to organizational and customer demands
Establishment of Talent ManagementSystem
After a strategically aligned talent management system has been established, the needsthen to create a robust talent management system. A TMS involves the followingsteps:
Identification of a process to examine current and futurecompetencies needed by an org.
Developing a model for developing present human resources profile.
Conducting a gap analysis and implementing strategies toclose gaps.
Addressing future gaps through human resourcedevelopment and succession planning and management.
Developing current talent and investing in new talent atappropriate time.
Addressing future shortages and excesses of employees for needed competencies.
Creating a framework for action plan to meet the future projections.
4 steps to create TMS
1 Develop assessment tools and scales
2Develop training application tools
4 Prepare Action Plans
In 4 steps following things are to be done in sequence:-
Develop competencydefinition and measurementscale
Establish a performance Appraisaldefinition and measurementscale
Establish a ‘talent potential forecast’ definition andmeasurement
Create a coaching guide
Assemble a best directoryof best training program
Create a directory of topbooks
Evaluate each employee using assessment tools
Create a ‘bench strength’ summary
Create individual talentcompetency development forms
A system that addresses competency gaps, particularly in mission-critical occupations, by implementing and maintaining programs to attract, acquire, develop, promote, and retain quality talent.
A talent management system (TMS) is an integrated suite that addresses the “four pillars” of talent management: recruitment; performance management; learning and development; and compensation management.
Bring Out the Very Best in the Very Best of Your Organization
True talent management is about more than finding and keeping the right people. It’s also about making smart decisions that benefit both your workforce and your organization.
By implementing Talent Management, you’ll be able to keep your critical talent engaged and motivated while helping to support your company’s strategic goals.
Talent Management helps tolink people with business strategy, empowering you to make an immediate and lasting impact on your organization’s success. Plus, it helps you arrange key HR functions so your organization can find and keep the right people. As a result, you can:
- Help identify top candidates and enable more strategic hires.
- Perfect compensation levels and benefit plans.
- Design training plans based on business goals.
- Create development opportunities for top performers.
- Help reduce attrition and flight risk.
With Talent Management, the whole is greater than the sum of its parts. In other words, though they can be implemented in a variety of ways, the separate applications work best when they work together to form a robust and efficient talent management system.
Maintain competitive pay levels while managing payroll costs; manage total compensation, including pay-for-performance, compensation planning and awarding.Plan a
Global Human Resources
Help manage and maintain core aspects of a global workforce, including country-specific attributes. Simplify HR processes while supporting multi-national and other highly-complex organizations.The Co
Help align employee goals with business objectives. Cascade information down through the organization so everyone – from top executives to individual employees – can see how their goals affect overall organizational success.Set Go
Learning & Development
Design training plans based upon employee, management, and strategic planning inputs.Develo
Assess employee performance and develop and retain top talent.Recrui
Succession ManagementSuccession Management
Create plans for filling both expected and unexpected vacancies. Track high performers and talent gaps. See how the overall process is working for your organization.Plan f
Talent AcquisitionTalent Acquisition
Beat the competition to the best and the brightest talent. Help find top performers, engage them and get them on board faster and more cost-effectively.
The Talent Management system is comprised of two critical success factors that work together to ensure agencies have people with the right skills, in the right places, at the right times. Addressing the critical success factors helps eliminate gaps and deficiencies in the skills, knowledge, and competencies of employees of mission-critical occupations in the current and future workforce. The two success factors usually work together.
- Recruitment: The workforce plan drives the aggressive and strategic recruitment of diverse and qualified candidates for the agency’s workforce.
- Retention: Leaders, managers, and supervisors create and sustain effective working relationships with employees. The workplace is characterized by:
− A motivated and skilled workforce
− Attractive and flexible working arrangements
− Compensation packages and other programs used to hire and retain employees who possess mission-critical skills, knowledge, and competencies.
When the key elements of the critical success factor Recruitment & Retention are effectively implemented, agencies will realize the following results:
• Workforce competency gaps are closed through the use of effective recruitment and retention strategies, creating a workforce capable of excellent performance in the service of the American people.
• Senior leaders and managers are involved in strategic recruitment and retention initiatives, which ensures the necessary organizational focus and resources are allocated to achieve recruitment and retention goals.
• Recruitment strategies are appropriately aggressive and multi-faceted to ensure a sufficient flow of quality applicants to meet staffing needs identified in the workforce plan, positioning the agency for successful program accomplishment.
• Flexible compensation strategies are used as needed to attract and retain quality employees who possess mission-critical competencies.
• Quality of work/life programs are provided and obstacles to recruitment and retention of a quality workforce have been addressed, positioning the agency to be successful in acquiring and retaining the talent needed for program goals and objectives.
The core of talent: learning from the experiences one will have
Is committed to making a difference and success
Seeks broad business knowledge
Has courage to take risks and to take a stand
Acts with integrity
Brings out the best in people
Seeks opportunities to learn
Seeks and uses feedback: learns from mistakes, will change as a result of experience
Is insightful: sees things from new angles, is reflective as regards to experiences and action